AquaBounty chief upbeat despite losses of $2m
Biotechnology company AquaBounty, which is known for its land-based, genetically modified AquAdvantage salmon strain, has revealed losses of more than $2 million for the first quarter of 2017.
Chief executive Ronald Stotish remained upbeat as he announced the Massachusetts-based company's losses, which have widened from £1.8 million in the same period of 2016.
“We are pleased by the progress we’ve made during the first quarter on our 2017 goals,” he said. “We completed the listing of our common shares on the Nasdaq Capital Market, aided by the infusion of $25 million in new equity from Intrexon Corporation [of which AquaBounty is a majority-owned subsidiary]. This has allowed us to continue with, and expand upon, our plans to renovate the former Atlantic Sea Smolt plant in Rollo Bay on Prince Edward Island."
Commercialisation plan
Stotish added: “We have submitted an application to the provincial regulatory authorities for the construction of a broodstock facility to house our non-transgenic Atlantic salmon stock and a 250 metric ton recirculating aquaculture system (RAS) facility to grow out our AquAdvantage Salmon. We see this as the first step in our commercialisation plan. We are also continuing to search for sites to establish our first RAS grow-out facility in the United States, and we expect to complete this process this year.”
Following the implementation of a 1-for-30 reverse share split and completion of the listing of the company’s common shares on the Nasdaq Capital Market, AquaBounty is seeking shareholder approval to delist its common shares from trading on the Alternative Investment Market.
